Tankan Outline (March 2020)
April 1, 2020
Bank of Japan
Research and Statistics Department
Number of Sample Enterprises
Manufacturing | Nonmanufacturing | Total | (Response rate) | ||
---|---|---|---|---|---|
All Enterprises | 3,982 | 5,671 | 9,653 | ( 99.0%) | |
All Enterprises | of which Large Enterprises | 1,000 | 908 | 1,908 | ( 98.8%) |
Medium-sized Enterprises | 1,032 | 1,674 | 2,706 | ( 99.1%) | |
Small Enterprises | 1,950 | 3,089 | 5,039 | ( 98.9%) |
[Responding Period: February 25 to March 31]
Memo: Average of predicted exchange rates of all enterprises for overall businesses
Dec. 2019 Survey | March 2020 Survey | ||
---|---|---|---|
FY 2019 | - | 108.67 | |
FY 2019 | 1H | - | 108.90 |
2H | - | 108.45 | |
FY 2020 | - | 107.98 | |
FY 2020 | 1H | - | 107.95 |
2H | - | 108.02 |
Dec. 2019 Survey | March 2020 Survey | ||
---|---|---|---|
FY 2019 | - | 121.78 | |
FY 2019 | 1H | - | 122.25 |
2H | - | 121.30 | |
FY 2020 | - | 120.29 | |
FY 2020 | 1H | - | 120.29 |
2H | - | 120.30 |
Business Conditions
Large Enterprises
Dec. 2019 Survey |
March 2020 Survey |
Change between Dec. and March |
June 2020 Survey (Forecast) |
Change between March and June | |
---|---|---|---|---|---|
Manufacturing | ( 0) | ||||
0 | -8 | -8 | -11 | -3 | |
Nonmanufacturing | ( 18) | ||||
20 | 8 | -12 | -1 | -9 |
Medium-sized Enterprises
Dec. 2019 Survey |
March 2020 Survey |
Change between Dec. and March |
June 2020 Survey (Forecast) |
Change between March and June | |
---|---|---|---|---|---|
Manufacturing | ( -4) | ||||
1 | -8 | -9 | -20 | -12 | |
Nonmanufacturing | ( 7) | ||||
14 | 0 | -14 | -14 | -14 |
Small Enterprises
Dec. 2019 Survey |
March 2020 Survey |
Change between Dec. and March |
June 2020 Survey (Forecast) |
Change between March and June | |
---|---|---|---|---|---|
Manufacturing | ( -12) | ||||
-9 | -15 | -6 | -29 | -14 | |
Nonmanufacturing | ( 1) | ||||
7 | -1 | -8 | -19 | -18 |
All Enterprises
Dec. 2019 Survey |
March 2020 Survey |
Change between Dec. and March |
June 2020 Survey (Forecast) |
Change between March and June | |
---|---|---|---|---|---|
All industries | ( 0) | ||||
4 | -4 | -8 | -18 | -14 |
(Notes)
- FY : Fiscal year (April - March of the following year)
1H : First half (April - September)
2H : Second half (October - March of the following year) - Figures in parentheses are forecasts made in the previous survey.
Supply and Demand Conditions, Inventories, and Prices (Manufacturing)
Domestic Supply & Demand Conditions for Products and Services
Dec. 2019 Survey |
March 2020 Survey |
Change between Dec. and March |
June 2020 Survey (Forecast) |
Change between March and June | |
---|---|---|---|---|---|
Large Enterprises | -10 | -14 | -4 | -16 | -2 |
Small Enterprises | -23 | -27 | -4 | -32 | -5 |
Overseas Supply & Demand Conditions for Products
Dec. 2019 Survey |
March 2020 Survey |
Change between Dec. and March |
June 2020 Survey (Forecast) |
Change between March and June | |
---|---|---|---|---|---|
Large Enterprises | -12 | -14 | -2 | -14 | 0 |
Small Enterprises | -20 | -22 | -2 | -26 | -4 |
Inventory Level of Finished Goods & Merchandise
Dec. 2019 Survey |
March 2020 Survey |
Change between Dec. and March |
June 2020 Survey (Forecast) |
Change between March and June | |
---|---|---|---|---|---|
Large Enterprises | 14 | 14 | 0 | - | - |
Small Enterprises | 16 | 18 | +2 | - | - |
Wholesalers' Inventory Level
Dec. 2019 Survey |
March 2020 Survey |
Change between Dec. and March |
June 2020 Survey (Forecast) |
Change between March and June | |
---|---|---|---|---|---|
Large Enterprises | 11 | 13 | +2 | - | - |
Small Enterprises | 19 | 20 | +1 | - | - |
Change in Output Prices
Dec. 2019 Survey |
March 2020 Survey |
Change between Dec. and March |
June 2020 Survey (Forecast) |
Change between March and June | |
---|---|---|---|---|---|
Large Enterprises | -6 | -7 | -1 | -10 | -3 |
Small Enterprises | -4 | -5 | -1 | -8 | -3 |
Change in Input Prices
Dec. 2019 Survey |
March 2020 Survey |
Change between Dec. and March |
June 2020 Survey (Forecast) |
Change between March and June | |
---|---|---|---|---|---|
Large Enterprises | 6 | 5 | -1 | 7 | +2 |
Small Enterprises | 24 | 19 | -5 | 22 | +3 |
Sales
Large Enterprises
FY 2019 (Forecast) |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -1.9 | -0.4 | 0.6 | - |
Nonmanufacturing | -1.3 | -1.0 | 0.5 | - |
Medium-sized Enterprises
FY 2019 (Forecast) |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -0.9 | -0.9 | 0.5 | - |
Nonmanufacturing | 1.9 | -0.7 | 0.4 | - |
Small Enterprises
FY 2019 (Forecast) |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -2.7 | -1.0 | -0.5 | - |
Nonmanufacturing | 0.2 | -0.1 | -1.5 | - |
All Enterprises
FY 2019 (Forecast) |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
All industries | -0.7 | -0.6 | 0.1 | - |
(Note) Revision rates are calculated as the percentage change of the figures between the current and previous survey.
Current Profits
Large Enterprises
FY 2019 (Forecast) |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -13.3 | +2.2 | -2.8 | - |
Nonmanufacturing | -4.5 | -0.7 | -1.2 | - |
Medium-sized Enterprises
FY 2019 (Forecast) |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -4.4 | +1.7 | -5.0 | - |
Nonmanufacturing | -2.6 | -0.8 | -4.0 | - |
Small Enterprises
FY 2019 (Forecast) |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -18.1 | -5.1 | -0.1 | - |
Nonmanufacturing | -3.3 | -2.1 | -4.4 | - |
All Enterprises
FY 2019 (Forecast) |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
All industries | -7.6 | -0.1 | -2.5 | - |
Ratio of Current Profit to Sales
Large Enterprises
FY 2019 (Forecast) |
Changes | FY 2020 (Forecast) |
Changes | |
---|---|---|---|---|
Manufacturing | 7.26 | +0.18 | 7.02 | - |
Nonmanufacturing | 6.32 | +0.02 | 6.21 | - |
Medium-sized Enterprises
FY 2019 (Forecast) |
Changes | FY 2020 (Forecast) |
Changes | |
---|---|---|---|---|
Manufacturing | 5.13 | +0.12 | 4.85 | - |
Nonmanufacturing | 3.71 | -0.01 | 3.55 | - |
Small Enterprises
FY 2019 (Forecast) |
Changes | FY 2020 (Forecast) |
Changes | |
---|---|---|---|---|
Manufacturing | 3.81 | -0.16 | 3.82 | - |
Nonmanufacturing | 3.39 | -0.07 | 3.29 | - |
All Enterprises
FY 2019 (Forecast) |
Changes | FY 2020 (Forecast) |
Changes | |
---|---|---|---|---|
All industries | 5.31 | +0.03 | 5.17 | - |
Fixed Investment including Land Purchasing Expenses*
Large Enterprises
FY 2019 (Forecast) |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 8.3 | -2.7 | 4.3 | - |
Nonmanufacturing | 4.8 | +0.5 | 0.3 | - |
All industries | 6.1 | -0.7 | 1.8 | - |
Medium-sized Enterprises
FY 2019 (Forecast) |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -8.5 | -5.8 | 7.6 | - |
Nonmanufacturing | -5.7 | -0.1 | 0.6 | - |
All industries | -6.8 | -2.4 | 3.3 | - |
Small Enterprises
FY 2019 (Forecast) |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 1.5 | +1.0 | -9.4 | - |
Nonmanufacturing | -1.4 | +2.6 | -13.2 | - |
All industries | -0.3 | +2.0 | -11.7 | - |
All Enterprises
FY 2019 (Forecast) |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 4.1 | -2.6 | 2.4 | - |
Nonmanufacturing | 1.9 | +0.7 | -2.0 | - |
All industries | 2.7 | -0.5 | -0.4 | - |
Reference
FY 2019 (Forecast) |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
All industries including Financial institutions and Business consultants & pure holding companies** | - | - | - | - |
- * Excludes software and R&D investment.
- ** Figures will be released from the June 2020 Survey.
Software, R&D, and Fixed Investment excluding Land Purchasing Expenses
Large Enterprises
FY 2019 (Forecast) |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 5.4 | -1.6 | 2.5 | - |
Nonmanufacturing | 6.9 | +0.6 | 1.1 | - |
All industries | 6.1 | -0.6 | 1.9 | - |
Medium-sized Enterprises
FY 2019 (Forecast) |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -6.2 | -5.8 | 8.8 | - |
Nonmanufacturing | -0.6 | -1.2 | 3.9 | - |
All industries | -3.0 | -3.1 | 5.9 | - |
Small Enterprises
FY 2019 (Forecast) |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -1.3 | +0.2 | -3.6 | - |
Nonmanufacturing | 2.9 | +1.1 | -9.9 | - |
All industries | 1.2 | +0.7 | -7.3 | - |
All Enterprises
FY 2019 (Forecast) |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 3.4 | -1.9 | 2.5 | - |
Nonmanufacturing | 5.1 | +0.4 | -0.2 | - |
All industries | 4.2 | -0.8 | 1.2 | - |
Reference
FY 2019 (Forecast) |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
All industries including Financial institutions and Business consultants & pure holding companies | - | - | - | - |
Production Capacity (Manufacturing)
Dec. 2019 Survey |
March 2020 Survey |
Change between Dec. and March |
June 2020 Survey (Forecast) |
Change between March and June | |
---|---|---|---|---|---|
Large Enterprises | 2 | 4 | +2 | 2 | -2 |
Medium-sized Enterprises | 0 | 2 | +2 | 2 | 0 |
Small Enterprises | 1 | 3 | +2 | 3 | 0 |
All Enterprises | 1 | 3 | +2 | 3 | 0 |
Employment Conditions (All industries)
Dec. 2019 Survey |
March 2020 Survey |
Change between Dec. and March |
June 2020 Survey (Forecast) |
Change between March and June | |
---|---|---|---|---|---|
Large Enterprises | -21 | -20 | +1 | -18 | +2 |
Medium-sized Enterprises | -31 | -28 | +3 | -29 | -1 |
Small Enterprises | -34 | -31 | +3 | -32 | -1 |
All Enterprises | -31 | -28 | +3 | -29 | -1 |
Financial Position (All industries)
Dec. 2019 Survey |
March 2020 Survey |
Change between Dec. and March | |
---|---|---|---|
Large Enterprises | 21 | 18 | -3 |
Medium-sized Enterprises | 22 | 19 | -3 |
Small Enterprises | 11 | 8 | -3 |
All Enterprises | 16 | 13 | -3 |
Lending Attitude of Financial institutions (All industries)
Dec. 2019 Survey |
March 2020 Survey |
Change between Dec. and March | |
---|---|---|---|
Large Enterprises | 23 | 22 | -1 |
Medium-sized Enterprises | 27 | 23 | -4 |
Small Enterprises | 19 | 18 | -1 |
All Enterprises | 23 | 20 | -3 |
Change in Interest Rate on Loans (All industries)
Dec. 2019 Survey |
March 2020 Survey |
Change between Dec. and March |
June 2020 Survey (Forecast) |
Change between March and June | |
---|---|---|---|---|---|
Large Enterprises | -1 | -1 | 0 | 1 | +2 |
Medium-sized Enterprises | -1 | 0 | +1 | 2 | +2 |
Small Enterprises | -1 | -1 | 0 | 2 | +3 |
All Enterprises | -1 | -1 | 0 | 2 | +3 |
Conditions for CP Issuance (All industries) (Based on CP-Issuing Enterprises)
Dec. 2019 Survey |
March 2020 Survey |
Change between Dec. and March | |
---|---|---|---|
Large Enterprises | 32 | 30 | -2 |
Inflation Outlook of Enterprises
(Reference) The Average of Enterprises' Inflation Outlook
Output Prices
Dec. 2019 Survey |
March 2020 Survey |
Change between Dec. and March | ||
---|---|---|---|---|
Manufacturing | 1 year ahead | 0.0 | -0.3 | -0.3 |
3 years ahead | -0.2 | -0.3 | -0.1 | |
5 years ahead | -0.3 | -0.3 | 0.0 | |
Nonmanufacturing | 1 year ahead | 0.4 | 0.1 | -0.3 |
3 years ahead | 0.8 | 0.7 | -0.1 | |
5 years ahead | 1.0 | 1.0 | 0.0 |
Dec. 2019 Survey |
March 2020 Survey |
Change between Dec. and March | ||
---|---|---|---|---|
Manufacturing | 1 year ahead | 0.5 | 0.2 | -0.3 |
3 years ahead | 1.2 | 1.1 | -0.1 | |
5 years ahead | 1.5 | 1.6 | +0.1 | |
Nonmanufacturing | 1 year ahead | 0.9 | 0.5 | -0.4 |
3 years ahead | 1.6 | 1.3 | -0.3 | |
5 years ahead | 2.1 | 1.9 | -0.2 |
Dec. 2019 Survey |
March 2020 Survey |
Change between Dec. and March | ||
---|---|---|---|---|
All industries | 1 year ahead | 0.6 | 0.2 | -0.4 |
3 years ahead | 1.0 | 0.9 | -0.1 | |
5 years ahead | 1.4 | 1.4 | 0.0 |
General Prices
Dec. 2019 Survey |
March 2020 Survey |
Change between Dec. and March | ||
---|---|---|---|---|
Manufacturing | 1 year ahead | 0.5 | 0.4 | -0.1 |
3 years ahead | 0.7 | 0.6 | -0.1 | |
5 years ahead | 0.7 | 0.7 | 0.0 | |
Nonmanufacturing | 1 year ahead | 0.6 | 0.3 | -0.3 |
3 years ahead | 0.7 | 0.6 | -0.1 | |
5 years ahead | 0.7 | 0.6 | -0.1 |
Dec. 2019 Survey |
March 2020 Survey |
Change between Dec. and March | ||
---|---|---|---|---|
Manufacturing | 1 year ahead | 0.9 | 0.6 | -0.3 |
3 years ahead | 1.0 | 0.9 | -0.1 | |
5 years ahead | 1.2 | 1.1 | -0.1 | |
Nonmanufacturing | 1 year ahead | 1.0 | 0.7 | -0.3 |
3 years ahead | 1.1 | 0.9 | -0.2 | |
5 years ahead | 1.2 | 1.1 | -0.1 |
Dec. 2019 Survey |
March 2020 Survey |
Change between Dec. and March | ||
---|---|---|---|---|
All industries | 1 year ahead | 0.8 | 0.5 | -0.3 |
3 years ahead | 1.0 | 0.8 | -0.2 | |
5 years ahead | 1.1 | 1.0 | -0.1 |
Overseas Business Activities*
Number of Sample Enterprises
Enterprises | (Response rate) | ||
---|---|---|---|
Manufacturing | - | - | |
Manufacturing | Basic materials | - | - |
Processing | - | - | |
Nonmanufacturing | - | - | |
All industries | - | - |
[Responding Period: ]
Consolidated Sales / Overseas Sales / Share of Overseas Sales in Total Sales
Consolidated Sales | Overseas Sales | Share of Overseas Sales in Total Sales | ||||
---|---|---|---|---|---|---|
FY 2019 (Forecast) |
FY 2020 (Forecast) |
FY 2019 (Forecast) |
FY 2020 (Forecast) |
FY 2019 (Forecast) |
FY 2020 (Forecast) | |
Manufacturing | - | - | - | - | - | - |
Nonmanufacturing | - | - | - | - | - | - |
All industries | - | - | - | - | - | - |
Consolidated Current Profits
FY 2019 (Forecast) |
FY 2020 (Forecast) | |
---|---|---|
Manufacturing | - | - |
Nonmanufacturing | - | - |
All industries | - | - |
Consolidated Fixed Investment / Overseas Fixed Investment / Share of Overseas Fixed Investment in Total Fixed Investment
Consolidated Fixed Investment | Overseas Fixed Investment | Share of Overseas Fixed Investment in Total Fixed Investment | ||||
---|---|---|---|---|---|---|
FY 2019 (Forecast) |
FY 2020 (Forecast) |
FY 2019 (Forecast) |
FY 2020 (Forecast) |
FY 2019 (Forecast) |
FY 2020 (Forecast) | |
Manufacturing | - | - | - | - | - | - |
Nonmanufacturing | - | - | - | - | - | - |
All industries | - | - | - | - | - | - |
- Figures will be released from the June 2020 Survey.